Wind Point Partners will acquire and merge Clock Spring Company, Inc. and Neptune Research, LLC, two leading providers of high-performance repair and rehabilitation products for global critical infrastructure. The combined business will be named ClockSpring|NRI.
Clock Spring and NRI, headquartered in Houston and Riviera Beach, Florida, respectively, are manufacturers of composite materials, insertion valves, and gaskets used in the transmission pipeline, refinery and petrochemical, water, utility, and civil infrastructure industries. Customers use the composite products to combat the effects of aging and corrosion, including permanently reinforcing and strengthening pipe works, extending the life of deteriorating concrete columns and civil structures, and temporarily restoring leaking lines. Public utility systems use ClockSpring|NRI’s valve technology to perform faster and less invasive water main break repairs. Recently introduced fugitive emission-free flange gaskets are used in high-risk applications to avoid potentially harmful, microscopic gas leaks. ClockSpring|NRI supports its products with best-in-class design, engineering, testing and training services to ensure proper installation and optimal performance.
Alex Washington, Managing Director at Wind Point, commented, “We spent significant time canvassing the critical infrastructure repair industry for a quality business to establish a platform investment. With Clock Spring and NRI, we happened to find two quality and complementary organizations that are a strong fit with our strategy. We are excited for the opportunity to partner with ClockSpring|NRI and look forward to supporting the Company’s growth via new products and capabilities, as well as through add-on acquisitions.”
Clock Spring CEO Matthew Boucher will lead the combined Company, while Christopher Lazzara, NRI’s long-time CEO and a well-known leader in composite repair technology, will retain an equity position and join the Company’s board of directors. Former Clock Spring lead sponsor, Spindrift Equities, will continue as an investor and director. Also joining the board will be Guy Broadbent, who has worked previously with Wind Point in both CEO and director roles, as non-executive chairman and Peter Cella, former CEO of Chevron Phillips Chemical Company LLC, as director.
“Clock Spring and NRI are high-quality, innovative companies, with similar core values and cultures,” said Mr. Boucher. “This combination enables us to deliver a greater range of solutions and value to our customers, while enhancing our capability to invest in our people and pioneer new products and processes designed to solve complex problems.”
Mr. Lazzara stated, “NRI and Clock Spring established themselves as the most trusted and third-party verified providers of high consequence repair and rehabilitation solutions with a relentless focus on safety, innovation, and stewardship of customer assets and the environment. I look forward to partnering with Wind Point, Matt, and our combined teams to build on this foundation.”
“With operations in Texas, Florida, the United Kingdom, and the Kingdom of Bahrain, as well as multiple sales offices and distribution capabilities around the world, ClockSpring|NRI offers the most comprehensive and rapidly available suite of solutions in the industry,” added Boucher.
Palm Beach Capital partnered with NRI in May 2017 to accelerate NRI’s international expansion and provide capital to fund strategic acquisitions. At closing, Palm Beach Capital will exit as a shareholder.
